nifty banknifty BHEL premarket tips for 16/12/2014
Nifty future last closed at 8274 with loss of 3 points. In intraday nifty future hit high around 8288 while low was at 8230. Total 58 points intraday range and closed with loss. Strong sell-off or profit booking rally continues as expected. Nifty spot achieved given target of 8180 and from that level we seen sharp intraday recovery at opening of the day. 1.73% additions in open interest suggest some buying on lower levels. Here now risky traders can take contra view for bounce back move with strict stop loss below 8150 level for target 8350 to 8380. Option traders can use 8200 call options for buy on decline strategy with same stop loss.
Bank nifty future last closed at 18520 with gain of 107 points, in intraday banknifty future recorded high around 18559 while low was around 18295. Total 250 points intraday range and index closed with gain. On option side 19k, call options strong writing seen. On future side, -5.29% drops in open interest suggests profit booking by short sellers. For tomorrow, traders keep long view with stop loss below today lows for target 18,850.
For tomorrow, our stock pick will be Bharat Heavy Electricals Limited. Today BHEL stock closed at 249 with gains. In intraday stock made high around 252 while low was around 243. For tomorrow, traders can buy BHEL stock around 245, zone with stop loss 240 for target 255+ in intraday. Medium term traders can buy stock with stop loss below 230 for target 270 to 280 rupees.
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